Full Motion Beverage Announces LOI with Mojito Brands
Full Motion Beverage announced that it acquired Mojito Brands Inc. a developer and manufacturer of ready-to-drink coffee beverages as the beginning of an enterprisewide change in business plan.
06/01/09 Full Motion Beverage, Inc. announced that it had signed an LOI with Mojito Brands Inc. a New York developer and manufacturer of ready-to-drink coffee beverages as the beginning of an enterprisewide change in business plan. "We are not only changing our name to Full Motion Beverage, but more importantly changing the company's strategic focus. Our feeling is that our shareholders will benefit from the tremendous opportunities available to us in the alternative beverage sector. We are focusing on a dual strategy of the operation and management of non-alcohol based beverage brands and the development, acquisition and marketing of additional brands under our corporate umbrella," said Josh Eikov the company's Chairman and President. Mojito Brands Inc. (MOBY) is a New York corporation engaged in the manufacture, distribution and sale of a line of ready-to-drink (RTD) coffee called MOJAVA. MOBY currently makes and distributes MOJAVA under the trademark and name “MOJAVA” in the United States from its executive office and warehouse facility located in Plainview, New York. Upon completion of the acquisition of MOBY, Dean Petkanas current CEO of MOBY will become the CEO of Full Motion Beverage, Inc., and a member of the Board of Directors. It is anticipated soon after the MOBY acquisition, under the direction of Mr. Petkanas and the Full Motion Beverage board, that the Company will continue to acquire other brands in accordance with the Full Motion Beverage business plan; its acquisition plan; and plan of operations. The MOBY acquisition is the model of acquisition for the Company’s follow on acquisitions of other brands that will be undertaken by the Company and made in conjunction with the MOBY business model. “I am very excited at the options that Full Motion can bring to MOBY and the other brands we are assessing for acquisition. The alternative beverage market is a multi-billion dollar market opportunity and we are positioning our Company in the coffee, energy shot, flavored water and kids beverages to take advantages of economies of scale in cross-branding as well as distribution opportunities,” incoming CEO Petkanas said. The alternative beverage category combines non-carbonated ready-to-drink iced teas, lemonades, juice cocktails, single serve juices and fruit beverages, ready-to-drink dairy and coffee drinks, energy drinks, sports drinks, and single-serve still water (flavored, unflavored and enhanced) with “new age” beverages, including sodas that are considered natural, sparkling juices and flavored sparkling waters. The alternative beverage category is the fastest growing segment of the beverage marketplace according to Beverage Marketing Corporation. According to Beverage Marketing Corporation, wholesale sales in 2006 for the alternative beverage category of the market were approximately $22.0 billion representing a growth rate of approximately 14.5% over the estimated wholesale sales in 2005 of approximately $19.2 billion.